Standard&Poor's Ratings Services assigned its 'AA-' long-term rating and 'A' issuer credit rating (ICR) to Anchor Bay School District, Mich.'s series 2011 unlimited-tax general obligation (GO) refunding bonds. We also affirmed our 'AA-' enhanced program rating and 'A' ICR on the district's previously issued general obligation (GO) debt. The outlook on the enhanced program rating is stable. The outlook on the ICR is negative. The 'AA-' enhanced program rating on the district's series 2011 bonds and on its previously issued debt reflects the district's eligibility for, and participation in, the Michigan State School Bond Loan Fund program. The 'A' ICR reflects our view of the district's: Recent general fund drawdowns with estimated reserves at the end of fiscal
